Union Bank of India Launches Three New Cards

Union Bank of India recently launched one debit card and two credit cards in partnership with Visa. With these cards, Union Bank customers are likely to experience more convenience when accessing digital banking. Let’s see what the cards have in store for the customers:

1. Business debit card for all businessmen with current accounts. The card has a cash withdrawal limit of Rs 50,000 and daily shopping limit of Rs 2 lakh (online and points of sale). Customers can make direct cash payment from their current account instead of paying through the savings account and later getting reimbursed from current account.

2. Signature credit card for high net-worth individuals. The card’s spending limit is linked to an individual’s income and is capped at 20% of the annual income.

3. USecure credit card is targeted at students. The card is aimed at helping students build a good credit rating. The credit card will be issued against term deposit and ahould have a minimum balance of Rs 25000. The maximum spending limit of the card is Rs 5lakh.

The bank has launched 20 IT-enabled services this year alone and plans to start 11 more e-initiatives by end of March 2016. Arun Tiwari, Union Bank’s Chairman and Managing Director, also mentioned that the bank plans to open 100 unions with 24×7 comfort lobbies.